Statistics Canada released retail sales data on Friday. Canadian retail sales plunged by 1.7% in January, missing expectations for a 0.3% decline, after a 1.8% drop in December. December's figure was revised up from a 2.0% decline.

The drop was driven by lower new cars sales.

Sales at gasoline stations dropped 8.8% in January, the largest decline since November 2008.

Motor vehicle and parts sales fell 1.4%.

Canadian retail sales excluding automobiles dropped 1.8% in January, missing expectations for a 0.1% increase, after a 2.0% fall in December. December's figure was revised up from a 2.3% decrease.